Oil Steady as Hurricane Dean Bypasses Most Gulf Platforms

Crude oil prices were little changed Tuesday as Hurricane Dean bypassed most U.S. oil platforms and refineries in the Gulf of Mexico, Bloomberg reported.

Crude oil futures fell 52 cents to $70.60 a barrel on the New York Mercantile Exchange in pre-market trading Tuesday, Bloomberg said.

Dean slammed into Mexico’s Caribbean coast as a Category 5 hurricane, the highest on the scale, but most U.S. production is in the northern Gulf, Bloomberg said.

News services reported Mexico evacuated thousands of oil workers in Gulf platforms Monday.

The Gulf of Mexico is home to more than 25% of U.S. oil production and half the nation’s refinery capacity, Bloomberg said.

The hurricane season, which lasts from June 1 to Nov. 30, generally peaks in early to mid-September.